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This information is provided by the
Oklahoma Bar Association
1
JOINT TENANCY: THE PROS & CONS
Q: What is joint tenancy?
A: It is a particular type of property ownership by which two or more persons may own real estate or personal property together. It differs from other types of co-own­ership in several respects, the most commonly known is that upon the death of one joint tenant, his or her interest automatically passes to the surviving joint tenant, who becomes sole owner.
Q: Why do some people favor joint tenancies?
A: Because of the “survivorship” feature. If one co-owner dies, his or her interest terminates in favor of the survivor rather than passing according to the will of the deceased owner or under the laws of inheritance.
Q: Is a joint tenancy a substitute for a will?
A: No. A properly drawn will disposes of all of a person’s property according to the person’s plan at death. A joint tenancy only affects the particular property described in the instrument creating it. Therefore, a will is needed to dispose of any property not held in joint tenancy.
Q: When title to real property is conveyed to persons as joint tenants, must both join in conveying good title to the whole property to a purchaser?
A: Yes.
Q: Can either convey his or her interest to the other?
A: Yes.
Q: Can either alone convey his or her interest to a third party?
A: Yes, but the purchaser will receive title to only
an undivided one-half interest. The other one-half inter­est remains with the joint tenant who did not convey. If the property is the homestead of the couple, other restric­tions apply. Making such a conveyance destroys the joint tenancy and title is held as tenants in common.
Q: When a bank or thrift institution account is opened in the names of people jointly, can either of them write a check against the account with or without the knowl­edge of the other?
A: Yes. Also Federal Government Bonds may be cashed by either one alone. However, there are some thrift institu­tions which require both signatures.
Q: When corporation stock and bonds are issued in the joint tenancy name of a husband and wife, can either of them sell or give them away without the other join­ing in transfer of title?
A: No.
Q: Does a joint tenancy between husband and wife disinherit the children?
A: Yes, because the entire property in joint tenancy passes to the survivor free from any obligation to the children. An experience that has happened with unfortunate fre­quency is for the surviving widow to remarry and place the property in joint tenancy with the second husband with the result that upon her death, the stepfather gets it all to the exclusion of the children.
Q: Is an Oklahoma or Federal Gift Tax due when a joint tenancy is created?
A: As to Oklahoma Gift Tax, Oklahoma repealed its Gift Tax effective January 1, 1982. Therefore, no Oklahoma

This information is provided by the
Oklahoma Bar Association
1
JOINT TENANCY: THE PROS & CONS
Q: What is joint tenancy?
A: It is a particular type of property ownership by which two or more persons may own real estate or personal property together. It differs from other types of co-own­ership in several respects, the most commonly known is that upon the death of one joint tenant, his or her interest automatically passes to the surviving joint tenant, who becomes sole owner.
Q: Why do some people favor joint tenancies?
A: Because of the “survivorship” feature. If one co-owner dies, his or her interest terminates in favor of the survivor rather than passing according to the will of the deceased owner or under the laws of inheritance.
Q: Is a joint tenancy a substitute for a will?
A: No. A properly drawn will disposes of all of a person’s property according to the person’s plan at death. A joint tenancy only affects the particular property described in the instrument creating it. Therefore, a will is needed to dispose of any property not held in joint tenancy.
Q: When title to real property is conveyed to persons as joint tenants, must both join in conveying good title to the whole property to a purchaser?
A: Yes.
Q: Can either convey his or her interest to the other?
A: Yes.
Q: Can either alone convey his or her interest to a third party?
A: Yes, but the purchaser will receive title to only
an undivided one-half interest. The other one-half inter­est remains with the joint tenant who did not convey. If the property is the homestead of the couple, other restric­tions apply. Making such a conveyance destroys the joint tenancy and title is held as tenants in common.
Q: When a bank or thrift institution account is opened in the names of people jointly, can either of them write a check against the account with or without the knowl­edge of the other?
A: Yes. Also Federal Government Bonds may be cashed by either one alone. However, there are some thrift institu­tions which require both signatures.
Q: When corporation stock and bonds are issued in the joint tenancy name of a husband and wife, can either of them sell or give them away without the other join­ing in transfer of title?
A: No.
Q: Does a joint tenancy between husband and wife disinherit the children?
A: Yes, because the entire property in joint tenancy passes to the survivor free from any obligation to the children. An experience that has happened with unfortunate fre­quency is for the surviving widow to remarry and place the property in joint tenancy with the second husband with the result that upon her death, the stepfather gets it all to the exclusion of the children.
Q: Is an Oklahoma or Federal Gift Tax due when a joint tenancy is created?
A: As to Oklahoma Gift Tax, Oklahoma repealed its Gift Tax effective January 1, 1982. Therefore, no Oklahoma